USDSvsDAI
Sky Dollar vs Dai — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDS — Sky Dollar
DAI — Dai
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days USDS supply moved -11.1% and DAI -1.6% — DAI grew faster. Both held within about 4 bps of target across the same window.
Key differences
- USDS is roughly 1.4× larger than DAI by USD circulation value ($6.70B vs $4.79B).
- USDS ranks #3 while DAI ranks #4 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- Both are crypto-backed stablecoins, so the mechanism is not what separates them.
- Reserves differ — USDS holds backed by dai/usdc, DAI holds overcollateralized crypto cdp.
- DAI is deployed on 49 chains — much broader coverage than USDS's 7.
Full comparison table
| Metric | USDS | DAI |
|---|---|---|
| USD circulation value | $6.70B | $4.79B |
| Rank (by USD value) | #3 | #4 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Backed by DAI/USDC | Overcollateralized crypto CDP |
| Chains deployed | 7 | 49 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Sky | Sky (formerly MakerDAO) |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDS and DAI?
Both track USD, so they compete for the same use cases. USDS holds backed by dai/usdc; DAI holds overcollateralized crypto cdp. USDS ranks #3 by USD value and DAI ranks #4.
Which is bigger, USDS or DAI?
USDS is larger, with $6.70B in circulation vs $4.79B for DAI. That's roughly 1.4× the size.
Is USDS safer than DAI?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. Both use a crypto-backed model, so the difference sits in the issuer and the reserves rather than the design. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDS and DAI?
Yes. USDS and DAI both trade on major centralized and decentralized exchanges. Since both track USD, the exchange rate is typically very close to 1:1. Direct swap protocols on Ethereum, Solana, and other chains offer the tightest spreads.
Should I choose USDS or DAI?
The right choice depends on your use case. Consider: which chain do you need? USDS is available on 7 chains and DAI on 49. What backing do you prefer? What's your integration surface (exchanges, DeFi protocols, payment providers)? Both have deep liquidity, so market cap alone shouldn't decide it.